5 things you need to know in Australian tech today

Picture: Getty Images

It’s all happening in tech today:

1. Telstra is axing 1400 jobs. The move, announced to staff today, is part of a $1 billion cost-cutting drive promised last year. The company will reportedly trim its headcount across the business, and will meet with Communications Workers Union officials tomorrow afternoon to brief them on how this will happen. Read more here.

2. Australia’s first fintech to have a banking licence, Tyro, has lost its CEO after just 8 months. Gerd Schenkel has resigned immediately in a shock move, with longtime board member Rob Ferguson now acting as managing director until a new CEO can be found. Major shareholder and former chief Jost Stollman is also taking a step back, becoming a non-executive director. Read more here.

3. Australian VCs have cracked the $1 billion mark in money raised this year. That almost doubles the $568 million raised in the 2016 financial year, which used to be the record. Read more on the Australian Private Equity and Venture Capital Association’s research and what some of Australian startups’ top figures think about the results.

4. Australia has cracked the top 10 for mobile broadband speeds. The impressive 33.8Mbps average puts the nation at number 10, according to the OpenSignal State of LTE report, among other markets that have far smaller land to cover for much higher populations. The USA came 58th with a speed of 15Mbps. Read more on the results.

5. Audio tech company Audinate will raise $21 million in an IPO this month. The AFR reports the Sydney firm, expecting $14.6 million in sales and a $1.6 million loss for the 2017 financial year, has lodged a prospectus with regulators this week and shares are scheduled to start trading on the ASX on June 30.

Have a great day! Please email me your story tips or find me on Twitter.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.